Bloomberg Businessweek

Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.” Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Questions about whether President Donald Trump had cause to try to push out Federal Reserve Governor Lisa Cook dominated a court hearing Friday, as a judge weighs whether he had proper reasons to order her removal from the US central bank. US District Judge Jia Cobb peppered lawyers for Cook and the administration for about two hours Friday, before ending the hearing without ruling on the Fed governor’s request for a temporary order blocking Trump’s effort to oust her. The judge, who isn’t expected to make a decision this week, didn’t indicate which way she is leaning in a landmark lawsuit that could determine the future of the Fed’s independence. The hearing capped weeks of criticism of the Fed by the Trump administration and signaled the beginning of a pitched legal fight that is likely to land before the US Supreme Court. Cook sued after Trump moved to fire her for allegedly engaging in fraud by declaring two homes as her primary residence in separate mortgage applications. She hasn’t been charged with wrongdoing. The judge focused in particular on Cook’s argument that being accused of wrongdoing and fired through a series of social media posts didn’t amount to proper due process under US law. Today's show features: See omnystudio.com/listener for privacy information.

Most of President Donald Trump’s global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them, but the judges let the levies stay in place while the case is subject to further review. The US Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case. Friday’s 7-4 decision by the Federal Circuit could extend the suspense over whether Trump’s tariffs will ultimately stand. The case had been expected to next go to the Supreme Court for a final ruling. The administration could now turn to the justices, who have largely backed the president on other matters. But the White House could also let the Court of International Trade revisit the matter first. “ALL TARIFFS ARE STILL IN EFFECT!” Trump said in a post on Truth Social shortly after the decision was issued. For instant reaction and analysis, Bloomberg Balance of Power cohost Joe Mathieu speaks with Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis, both Bloomberg politics contributors. See omnystudio.com/listener for privacy information.

Yasmeen Ahmad is Google Cloud's Managing Director of Data Cloud. She is among the group's top leaders on the database and data analytics team, which runs enterprise platforms like AlloyDB and BigQuery. That gives her keen insight into the evolution of large language models for data analysis and the growing number of use cases for Generative Artificial Intelligence,or “Gen AI,” a type of AI that can create new content like text, images, music and code, by learning patterns from large datasets. Yasmeen examines generative AI’s impact on data scientists and data developers with Tim Stenovec, Norah Mulinda and Bloomberg Intelligence Global Head of Technology Research Mandeep Singh on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. On this special edition of Bloomberg Businessweek Daily, Tim and guest host Molly Smith broadcast live from the USTA Billie Jean King National Tennis Center in Flushing, Queens. They speak with: See omnystudio.com/listener for privacy information.

The stocks of Walmart Inc. and Costco Wholesale Corp. may represent a risk due to their high valuation, with forward price-earnings ratios of 34.3 times and 47 times, respectively. That's according to Bloomberg Opinion markets columnist Jonathan Levin, who writes that the "perception of safety has inflated the retailers' valuations, as investors believe they can't go down, which paradoxically puts them at a heightened risk of correction." Jonathan discusses the implications of that trend as well as his thoughts on Federal Reserve Chair Jerome Powell's response to President Donald Trump's pressure on the central bank with Tim Stenovec and Isabelle Lee on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Nvidia Corp., the world’s most valuable publicly traded company, gave a tepid revenue forecast for the current period, fueling concerns that a massive run-up in artificial intelligence spending is slowing. Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The forecast excluded data center revenue from China, a market where it has struggled with US export restrictions and opposing pressure from Beijing. The company’s tepid outlook adds to concern that pace of investment in artificial intelligence systems is unsustainable. Difficulties in China also have clouded Nvidia’s business. Though the Trump administration recently eased restrictions on exports of some AI chips to that country, the reprieve hasn’t yet translated into a rebound in revenue. Today's show features: - Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners, and Bloomberg Intelligence Global Head of Technology Research Mandeep Singh break down Nvidia’s latest earnings report - Natasha Sarin, Professor of Law at Yale Law School, and Co-Founder and President of the Yale Budget Lab, on US monetary and trade policy issues - Dana Telsey, Founder, CEO and Chief Research Officer of Telsey Advisory Group, on key trends within the latest wave of retail earnings and the outlook for the US consumer See omnystudio.com/listener for privacy information.

Nvidia, the world’s most valuable publicly traded company, gave a tepid revenue forecast for the current period, fueling concerns that a massive run-up in artificial intelligence spending is slowing. Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The forecast excluded data center revenue from China, a market where it has struggled with US export restrictions and opposing pressure from Beijing. The outlook adds to concern that pace of investment in artificial intelligence systems is unsustainable. The difficulties in China also have clouded Nvidia’s business. Though the Trump administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn’t yet translated into a rebound in revenue. For instant reaction and analysis, hosts Tim Stenovec and Isabelle Lee speak with: See omnystudio.com/listener for privacy information.

The dollar fell and longer-dated Treasury yields rose as President Donald Trump’s push to remove Federal Reserve Governor Lisa Cook fueled concern about central bank independence and inflation risks. Stocks eked out gains before Nvidia Corp.’s results. While the moves were modest in listless summer trading, they underscored growing unease over political interference in monetary policy. That could give Trump another chance to name someone to the Fed board as he repeatedly pressures officials to cut rates. Ben Inker, Co-Head of Asset Allocation and Portfolio Manager at GMO, breaks down the market risks facing US investors and White House's legal battle with the Fed escalates. Ben speaks with Tim Stenovec and Isabelle Lee on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump said he was prepared for a legal fight with Federal Reserve Governor Lisa Cook after he moved to oust her from her post following allegations that she falsified mortgage documents. The Fed, weighing in for the first time this week, said it would abide by any court decision in Cook’s legal challenge of her dismissal by Trump. A Fed spokesperson added the central bank has deferred any decision on Cook’s current working status, and noted there is no official business before the Fed board this week. “Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System,” the Fed said in a statement. Trump, speaking at a Cabinet meeting on Tuesday, said he was also prepared to abide by any court decision, but indicated he was not concerned about Cook’s challenge. Today's show features: See omnystudio.com/listener for privacy information.

President Donald Trump moved to oust Federal Reserve Governor Lisa Cook from her post at the US central bank in the wake of allegations from a White House ally that she falsified documents on mortgage applications. “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve,” Trump wrote in a letter sent to Cook on Monday, which he posted on Truth Social. “In light of your deceitful and possibly criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity.” Presidents can remove Fed governors from office, but only for cause. Laws that describe “for cause” generally define the term as encompassing three possibilities: inefficiency; neglect of duty; and malfeasance, meaning wrongdoing, in office. For instant reaction, host Doug Krizner speaks with Enda Curran, Bloomberg global economy reporter. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Elon Musk accused Apple Inc. and OpenAI in a lawsuit of unfairly favoring the artificial intelligence company across iPhones and thwarting competition for other chatbot makers. Musk’s X and xAI seek billions of dollars in damages in the suit filed Monday in federal court in Fort Worth, Texas, arguing that Apple’s decision to integrate OpenAI into the iPhone’s operating system inhibits rivalry and innovation within the AI industry and harms consumers by depriving them of choice. The billionaire founder of xAI Holdings, which now houses the Grok AI team and X social network, said Apple makes it impossible for anyone other than OpenAI’s ChatGPT to reach the top of the App Store charts, a sought-after global spotlight for app developers. The case sets up a high-stakes court showdown between the richest person on the planet and one of the world’s most valuable companies. Apple and OpenAI — whose ChatGPT service is the most-downloaded free iPhone app in the US — have a partnership around AI built into the latest iPhones. Musk, 54, has a long-running feud with OpenAI Chief Executive Officer Sam Altman, which dates back to disagreements that led to their split after the two founded OpenAI together a decade ago. Today's show features: - Bloomberg News Legal Reporter Madlin Mekelburg on Elon Musk suing Apple and OpenAI over what he sees as threats to AI competition - Jennifer Lee, Senior Economist and Managing Director of Economics at BMO Capital Markets, on the big week of economic data ahead - Bloomberg News Chief Correspondent for Global Aviation Siddharth Phillp on Boeing and union leaders returning to the bargaining table - Christina Cassotis, Chief Executive Officer of the Pittsburgh International Airport, on the upcoming opening of her airport’s new terminal and preparing for the Labor Day weekend travel rush See omnystudio.com/listener for privacy information.

Sales of new US homes exceeded forecasts in July after an upward revision to the prior month, as prices eased and heavy incentives enticed more buyers off the fence. Contract signings on new single-family homes ticked down to a 652,000 annualized rate, with the strongest demand in the West, according to a government report issued Monday. The median estimate in a Bloomberg survey of economists was a 630,000 pace. Katie Hubbard, Executive Vice President of Capital Markets at Walton Global, breaks down the American real estate landscape as market participants await the Federal Reserve's next interest rate decision in September. Katie speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Webtoon Entertainment is a leading global entertainment company and home to some of the world's largest storytelling platforms. As the global leader and pioneer of the mobile webcomic format, Webtoon Entertainment has transformed comics and visual storytelling for fans and creators. The firm also saw shares soar last week after announcing a deal with Walt Disney to bring about 100 series to its English-language app, and forecasting revenue for the third quarter that beat the average analyst estimate. David Lee, the CFO and COO of Webtoon, discusses company's banner deal and continued pushed into mainstream digital media. David speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump met with Intel Corp. Chief Executive Officer Lip-Bu Tan at the White House to finalize a deal giving the US government a nearly 10% equity stake in the beleaguered chipmaker. Under the Friday agreement, the US will receive 433,323,000 shares of common stock — representing 9.9% of the fully diluted common shares in Intel — with the government pledging to release nearly $8.87 billion in funding under the Chips and Science Act, people familiar with the terms said, speaking on condition of anonymity to outline the deal before it was formally unveiled. That represents the remaining Chips Act funding that was awarded but not yet distributed to Intel, they said. The shares are non-voting and there is no board seat for the US government, according to the people. Tan was at the Commerce Department building on Friday finalizing the deal. The US taking partial ownership marks a stunning level of intervention in an American company, cutting against the principles of free-market capitalism that investors and policymakers have long considered sacrosanct except in the most extraordinary situations such as war or a systemic economic crisis. Today's show features: - Bloomberg News Economic Statecraft Reporter Joe Deaux on the US officially taking a nearly 10% stake in Intel - Bloomberg TV Radio International Economics and Policy Correspondent Mike McKee on his takeaways from at the Jackson Hole Economic Symposium and Bloomberg Economics US and Canada Economist Stuart Paul on Canada plan remove retaliatory tariffs on US products - Emily Green, Head of Private Wealth Management at Ellevest, on Friday's market rally - Tejpaul Bhatia, CEO of Axiom, on the business of space travel and the company’s role in an upcoming launch of a data server to the International Space Station See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Lisa Abramowicz and Michael McKee discuss remarks from Fed Chair Jay Powell following his speech at the Jackson Hole Symposium on a special edition of Bloomberg Surveillance. They speak with: See omnystudio.com/listener for privacy information.

At a time when cities across the country are struggling to meet urgent housing demand, New Rochelle, New York is touting a replicable model that is garnering national attention. Through what local leadership calls the “New Rochelle Model,” the city has taken a proactive approach to development by streamlining approvals, utilizing public-private partnerships, offering targeted tax incentives, and implementing a form-based zoning code. Over the past decade, New Rochelle has added over 4,500 new housing units with an additional 6,500 units in the pipeline. That equates to a 37% increase in New Rochelle's apartment supply, all while rents fell 2% from 2020 to 2023, making it a regional standout among its Westchester peers and New York City. Mayor Yadira Ramos-Herbert discusses her city's standout progress on housing affordability, helping it achieve in an area where many other municipalities are falling behind. Mayor Ramos-Herbert speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts. The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss. While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%. Today's show features: See omnystudio.com/listener for privacy information.

New York-based Brightcore Energy is an energy efficiency company working to lower buildings' operating costs through new technology, with a particular expertise in geothermal heating and cooling in dense urban environments. Brightcore's solutions, ranging from geothermal HVAC to efficient lighting to solar energy, help to lower a building's energy use, providing improved net operating income through reduced costs. In addition to design and installation, Brightcore Energy helps partners realize maximum return-on-investment on these projects through strategic planning and in some cases, financial guidance, helping clients access incentives at the national, state, and local levels. Mike Richter, a former three-time NHL All-Star and 1994 Stanley Cup Champion with the New York Rangers, now serves as Brightcore's president. He speaks with Tim Stenovec, Emily Graffeo and Will Wade on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.